Wellington Management Group LLP Lowers Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Wellington Management Group LLP trimmed its position in Tencent Music Entertainment Group (NYSE:TME) by 83.9% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 376,495 shares of the company’s stock after selling 1,956,168 shares during the period. Wellington Management Group LLP’s holdings in Tencent Music Entertainment Group were worth $4,537,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cantillon Capital Management LLC grew its holdings in shares of Tencent Music Entertainment Group by 39.9% in the third quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock valued at $222,402,000 after acquiring an additional 5,265,783 shares in the last quarter. Acadian Asset Management LLC grew its stake in Tencent Music Entertainment Group by 18,902.2% in the 2nd quarter. Acadian Asset Management LLC now owns 4,468,752 shares of the company’s stock valued at $62,765,000 after purchasing an additional 4,445,235 shares during the period. Mawer Investment Management Ltd. increased its position in shares of Tencent Music Entertainment Group by 1,131.8% during the 3rd quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company’s stock valued at $54,801,000 after purchasing an additional 4,178,636 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Tencent Music Entertainment Group by 287.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,845,013 shares of the company’s stock valued at $58,382,000 after buying an additional 3,594,383 shares during the period. Finally, FMR LLC increased its holdings in Tencent Music Entertainment Group by 98.8% during the third quarter. FMR LLC now owns 5,970,773 shares of the company’s stock worth $71,948,000 after buying an additional 2,967,779 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Barclays began coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 target price for the company. Morgan Stanley cut Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $15.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Sanford C. Bernstein initiated coverage on shares of Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group Stock Down 5.7 %

TME opened at $11.30 on Tuesday. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The business’s fifty day simple moving average is $11.74 and its 200 day simple moving average is $12.41. Tencent Music Entertainment Group has a 52 week low of $8.15 and a 52 week high of $15.77. The stock has a market cap of $19.39 billion, a PE ratio of 20.93, a P/E/G ratio of 0.91 and a beta of 0.68.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.